Shareholders Demand Reinstatement of Gildan's Former CEO

Major shareholders threaten board changes if Glenn Chamandy is not reinstated, while Gildan's board defends their decision.

Gildan Activewear Inc.'s largest shareholder, Jarislowsky Fraser Ltd., has renewed its call for the reinstatement of the company's former CEO, Glenn Chamandy.
Turtle Creek Asset Management Inc., a long-time shareholder of Gildan, has also issued a second letter to the board of directors urging them to reverse Chamandy's termination and reappoint him as CEO.
Browning West, a U.S. investment firm, has threatened to seek changes on the board if Chamandy is not reinstated. They have also called for the removal of Donald Berg as chair and the appointment of Browning West co-founder Peter Lee as a shareholder representative.
Gildan's board has defended their decision, stating that Chamandy had agreed to a succession timeline but later asked to stay on beyond the original plan, leading to a loss of trust and confidence.
Shareholders holding more than one third of Gildan's shares have called for Chamandy's reinstatement.